Preparations of upcoming budget getting momentum

ISLAMABAD - The budget preparations are getting momentum as crucial meeting of the National Accounts Committee to be held today (Thursday) to endorse the figure of economic growth of the country for the current fiscal year 2011-12 followed by the Annual Plan Coordination Committee (APCC) meeting next week to recommend the developmental budget.

Secretary Statistics Division Sohail Ahmad would chair the National Accounts Committee (NAC) meeting, which would estimate the economic growth figures of country during outgoing financial year 2011-12. High ups of the Finance Ministry are considering that GDP growth during outgoing fiscal year would be around four per cent.

Sources are of the view that overall developmental budget would be around Rs 825 billion including Rs 350 billion for the Centre and Rs 475 billion for the provinces. It might be recalled here that government had fixed PSDP allocated at Rs 300 billion for the center and Rs 430 billion for the provinces for the current financial year 2011-12.

Once the APCC finalises the recommendations, the National Economic Council (NEC) under the chair of Prime Minister is scheduled to meet on May 14 to take up the APCC recommendations and would finalise public sector development budget at about Rs825-830 billion.

Sources further said that economic mangers of the country would most likely to brief the cabinet regarding budget preparation on May 9. The cabinet meeting would review the proposal to create 0.1 million-job opportunities for the jobless people and would also carve out a strategy to reduce soaring power loadshedding in the budget 2012-13. The economic survey of the outgoing financial year would be revealed on May 24 followed by the announcement of annual budget for fiscal year to come on May 25.